The Canadian Dollar (CAD) is trading modestly higher against the US Dollar (USD) in relatively quiet trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
CAD firmer on session
"CAD gains are lagging those of most of its major currency peers though as spot stick to its recent trading range. The federal election is looming but may not have too much impact on CAD sentiment in the short run. The more immediate focus is on US trade policy and its impact on CAD prospects. Spot continues to trade close to our fair value estimate (1.3892 currently)."
"Spot is trading a little lower on the session so far but it is holding within the consolidation range that has developed so far this week. After peaking around the range ceiling near 1.39 yesterday, the CAD may edge towards the range base (1.3805/10) into the end of the week."
"Loss of support in the low 1.38s would lift near-term bearish momentum again for a push to test major (retracement) support at 1.3745."
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